Loan application

Man accused of lying on pandemic loan application

GRAND RAPIDS, Mich. (WOOD) — A man has been charged with bank fraud for lying about the size of his business to get more money from a pandemic fund program, court records show.

Erik Stephen Post was charged Thursday with one federal count of bank fraud after applying for a loan around April 9, 2020, court documents show.

Post applied for the Paycheck Protection Program run by the federally insured City National Bank — a loan program that was available to small businesses facing financial hardship due to COVID-19. The program was based on a company’s average monthly payroll, so loan applications were based on accurate information provided by companies.

In Post’s application for his company, Datamotion LLC, he intentionally lied about the number of people who worked there and the monthly amount the company paid its employees. Thanks to this, Post was able to obtain a loan of more than $312,000, according to court documents.

He faces up to 30 years in prison and a $1,000,100 fine, according to court documents.

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